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Rachel Reeves is back in the spotlight, under pressure to “go big” on tax reform.

Heather Stewart, in The Guardian, has outlined the obstacles she faces: public scrutiny, party expectations, and the watchful eye of financial markets.

But here’s the truth Vox Political sees clearly: minor tweaks to council tax or stamp duty isn’t “going big.”

Real reform means tackling wealth and unearned income head-on.

Faiza Shaheen’s proposal for a modest wealth tax — a two per cent levy on individuals with more than £10 million in net wealth — is a start. It’s simple, targeted, and popular. Polling shows three-quarters of the public support it, including a majority of Reform UK voters.

But a wealth tax alone isn’t enough: the ultra-rich can hide assets, exploit loopholes, or move wealth offshore.

That’s where a broader “capital returns fairness package” comes in. To level the playing field, we must tax not just the stock of wealth but the flow: the dividends, rents, interest, and capital gains that allow the rich to grow their fortunes year after year while ordinary workers shoulder heavier tax burdens.

Simple, practical reforms could include:

• Equalising capital gains tax with income tax, closing the loophole that rewards money made from money,

• Surcharging unearned income while protecting modest savers,

• Reforming pension tax relief to limit the windfall for the wealthy,

• Introducing VAT on financial services used primarily by the rich; and

• Progressive property reform to address the outdated council tax system.

Property wealth is particularly poorly taxed.

Council tax is frozen at 1991 valuations, leaving high-value homes in London and the south-east effectively under-taxed.

Replacing it with a progressive annual property wealth tax would finally align contributions with ability to pay, make revenue predictable for local councils, and remove unfair burdens from renters.

Properly designed, this tax could raise more than current council tax revenues while ensuring that those who own the most valuable properties contribute proportionally more.

Some will argue these reforms are politically risky or complex.

Vox Political says: yes, it requires courage and clear communication – but it is both feasible and fair.

Evidence from other countries shows moderate property wealth taxes do not trigger mass flight of the wealthy, and modern digital valuation tools make collection straightforward.

The current system punishes work while protecting wealth.

It undermines trust in government, fuels inequality, and leaves public services underfunded.

Labour promised investment — real, long-term investment — but that requires a fair, sustainable source of revenue.

Tweaking stamp duty or adding a council tax band is cowardice, not reform.

Reeves has a choice.

She can continue to appease the markets and wealthy donors with half-measures – or she can restore fairness, fund vital public services, and ensure that the UK’s tax system reflects actual ability to pay.

Vox Political says: let’s really go big.

Reeves should tax wealth, tax unearned income, and build a system that finally works – for everyone.

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